Wednesday, April 7, 2010

Gambling is not the cure

Resorts Atlantic City, the USA's first casino outside Nevada, says it may not survive. Another Atlantic City casino hasn't made a loan payment since last summer. Three others are in bankruptcy court.

Atlantic City's 11 casinos have been struggling for more than three years. Financial documents filed with the state of New Jersey this week show just how bad things have gotten.

The news was worst for the two casinos believed to be the most endangered: Resorts Atlantic City, which was taken over by its lenders in December, and the Atlantic City Hilton Casino Resort, which defaulted on its mortgage in July and could be headed for the same fate.

About Me

Lifelong Democrat; Former president, Broward County, Florida Young Democrats; Former member, Broward County, Florida Democratic Executive Committee; Former city commissioner, City of Cooper City, Florida; Graduate, The University of Florida; Practicing attorney, Miami, Florida; Member, The Florida Bar; Member, North American Snowsports Journalists Association; Broward County Young Democrats' Trailblazer of the Year, 1994; Broward County Young Democrats' Young Democrat of the Year, 1996.